Civitas Resources price target lowered to $75 from $88 at KeyBanc

KeyBanc analyst Tim Rezvan lowered the firm’s price target on Civitas Resources to $75 from $88 and keeps an Overweight rating on the shares. The analyst cites Q4 bid-week pricing set for Henry Hub gas at $6.26/mcf — below his $7.50/mcf forecast, and quarter-to-date oil prices running softer than expected due to concerns over China lockdowns, physical inventory builds, and a potential recession.